Success Thought of the Day – 5/18/21
Evidence suggests that we tend to move forward more than hold on to the past. As an example, throughout the Pandemic, we started with “return to normal,” but that language appropriately shifted to “the new normal.” Pressing forward requires not only internal strength but also knowing the times.
Google recently shared what they called A (Snackable) Future of Retail Report, with insights from their 5.4 Billion searches per day (or 70,000 per second). I want to share three key insights: dynamic demand, counting on convenience, and supportive spending.
Dynamic demand. People’s buying patterns will continue to change as they react to unpredictability. Google noted that 15% of the search queries they are seeing are ones they have never seen before. Further, as an example, things such as “Milk delivery” grew 800% YOY.
Counting on convenience. People will continue to shop in new ways, with a focus on convenience. Searches for “in stock” and “available near me” grew by 700% and 100%, respectively.
Supporting spending. People will continue to be more discerning about how and where they spend their dollars. Increasingly, a product’s perceived value will be less about its price point and more about its alignment with a buyer’s values.
So, why am I sharing retail insights with you? Whether you are an employee or an entrepreneur, you are always selling your value. The people demonstrating the behaviors noted above are the same people who will potentially hire, promote or terminate you.
Consider dynamic demand and convenience, and let’s apply that to your career. Milk remained milk, but to improve sales in these times, needed the following equation:
“Delivery” + “in stock” + available near me”
Consider the value you are selling and the winning equation that you need.
Commentary available on the new podcast at: http://bit.ly/successtotdjr